The CFPB released a roundup of some popular questions and answers about the TILA RESPA rule from its information webinars, which will certainly help originators who are hard at work preparing for the coming legislation.
“Mortgage players across the country are preparing for TRID; we’re going through our programs and training,” Donovan McComb, an originator with First Interstate Bank told Paydayloans247. “The rule change will be positive for consumers.”
The index contains answers to pressing originator questions regarding disclosure forms, variations, record retention, and many others.
The questions are arranged in descending order for steps in the origination process, meaning players can easily access answers to questions based on where they are in originating a mortgage.
“CFPB staff has been participating in a series of webinars sponsored by the Federal Reserve to address implementation of the new rule,” the regulator writes in the index’s introduction. “This document contains a list of each question answered in the webinars and the date of the webinar in which the question was covered.”
Click to access the index.
The TRID deadline is quickly approaching and the CFPB has just made it easier for industry players to ensure they’re up to the task of implementing the new rules.